While it is fun to speculate on what a bidding war might bring, the best value to investment in the biopharma sector takes place after Phase 2 success and certainly not before proof of safety in humans.
Pharmaset (bought out for $11 billion following Phase 2) acquisition and every other deal worth considering where financing was not an issue, did not take any offers while still pre-clinical. NNVC now has how much money in the bank?